Bookmakers earn money. And that you already know because every day we see more publicity, bigger companies that have high profits every year. But you probably don't know exactly what it is that makes them to earn money. In this post we will answer the questions… Do bookies always make money? How bookmakers earn money?
To understand why bookmakers always earn money and how bookies make money, let's start with an example:
Note for begginers: Every odd that bookie offers means a dregree of probability. So a @2 odd means that there is a 50% chance of the event happening. (You will find a longer explanation in our post: How sport odds are calculated)
Let’s go with the example: For the match “Barcelona-Juventus”, the bookmaker Bet365 offers this odds for over/under market:
Over 2.5: @ 1.66
Under 2.5: @ 2.15
The over’s odd equals 60.24%. Under’s one 46.51%. If we add them we get 106.75%. Why’s that? The sum of probabilities should be 100%, but then the house would have any benefits.
So, this is the real reason why bookmakers always earn money: The probability that bookie works is about 106%, some ones have more commission than the others, so it can change. HERE is the advantage of bookies. If we translate these probabilities to the 100% , the odd for the over should be @1.77. If we accept the @1.66 bet offered by the bookie, we would be playing disadvantaged.
That is why to win money on bets, you must look for those bets in which the chances of something happening are higher than the bookiemaker odd. Now that you know why bookmakers make money and how, you'll be wondering if, despite everything, bets are profitable. The answer is again yes